While the global automobile industry is still reeling from the economic downturn, the robust potential of Taiwan's luxury car market has fueled fierce competition between automakers.
To tap into this lucrative sector, five supercar makers showed off their latest hardware at the recent Taipei Autoshow.
"Taiwan has already been down since 2005 to 2007. The crisis came earlier here. And we expect Taiwan to recover more quickly than other markets," said Lars Pauly, vice-president of Sales & Marketing at Mercedes-Benz.
"In Europe, we only expect a recovery in 2011 or 2012. In Taiwan, I assume there'll be a recovery in 2010, and there has been already strong recovery in the fourth quarter this year."
The trend is evident, as sales of cars costing more than US$300,000 have been growing at two or even three-fold over the past few years.
In 2009 alone, over 40 Ferrari and 50 Maserati cars were registered in Taiwan. Supercar makers are now projecting a double-digit growth in 2010.
"The taxation makes Taiwan the second cheapest market for luxury cars in Asia," said Fabrice de Murat, president of Modena Motori Taiwan Co Ltd.
"We're cheaper than China and Hong Kong, so we believe a lot of potential customers will buy in Taiwan because it's very good value for them. I strongly believe the market will develop."
The dealers describe the pockets of Taiwanese luxury car buyers as "deep yet fathomable". They believe that the energy and potential of Taiwan's luxury car market have been accumulating for over 20 years, and now is the time to release it.
Domestic carmakers are also looking for a prosperous 2010, and are taking aim at buyers who are conscious of energy costs, cars with smaller engines, hybrid models, or those powered by electricity.
The bi-annual auto show attracted 25 automakers showcasing 30 different vehicle brands at the island's capital.
- CNA/yb
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